Mayberry, Inc., issued $100,000 of 10 year, 12% bonds dated April 1, 2013, for $102,360 on April 1, 2013. The bonds pay interest annually on April 1. Straight-line amortization is used by the company. What entry is required at April 1, 2014 for the first interest payment?
A) Option A
B) Option B
C)Option C
D)Option D

Question

Mayberry, Inc., issued $100,000 of 10 year, 12% bonds dated April 1, 2013, for $102,360 on April 1, 2013. The bonds pay interest annually on April 1. Straight-line amortization is used by the company. What entry is required at April 1, 2014 for the first interest payment? 
A) Option A 
B) Option B 
C)Option C 
D)Option D

Quizplus · Accepted Answer

The Answer of Mayberry, Inc., issued $100,000 of 10 year, 12% bonds dated April 1, 2013, for $102,360 on April 1, 2013. The bonds pay interest annually on April 1. Straight-line amortization is used by the company. What entry is required at April 1, 2014 for the first interest payment? 
A) Option A 
B) Option B 
C)Option C 
D)Option D